Off-Premise Capital Equipment Control
About This Policy
- Effective Date:
- Date of Last Review/Update:
- Responsible University Office:
- Financial Management Services
- Responsible University Administrator:
Vice President and Chief Financial Officer
- Policy Contact:
Associate Director, Capital Assets & Federal Cost Accounting
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
- Print or view a PDF of this policy
- Many policies are quite lengthy. Please check the page count before deciding whether to print.
Equipment removed from university premises for a period of thirty-one (31) days or more must have appropriate approvals signified by completion of an Equipment Loan/Return Document in the Kuali Financial System. The Equipment Loan/Return Document requires the approval of the fiscal officer and the borrower. Equipment may be loaned for a period of two years or less, and the loan document must be completed within thirty (30) days of the loan.
Responsibilites of the organization for loaned equipment are:
- Tagging the equipment before it leaves the premises.
- Initiating the Equipment Loan/Return Document.
- Performing the physical inventory of the equipment in accordance with Policy I-170.
- Keeping accurate inventory records of equipment on loan for a period less than thirty-one (31) days.
The responsibilities of the borrower are:
- Obtain proper approval for equipment on loan. If the borrower takes the equipment without proper authorization and there is a loss, the borrower will be personally responsible for replacement of the equipment.
- The timely return of equipment and the completion of an Equipment Loan/Return document to extend the loan for an additional two years.
- Upon request the borrower may be required to return the equipment to the organization for inventory or audit purposes.
Equipment Loan/Return Request Documents must be renewed every two years, until the equipment has been returned to the campus premises.
Capital Assets: Must have an acquisition value of at least Five Thousand Dollars ($5,000) and a useful life expectancy of one year or greater.
Off-Premise: Refers to equipment which is in the control of a faculty or staff person, and the equipment resides at a location which is not directly associated with the university.